Hewlett-Packard Co. (HPQ: Quote) reported that its first-quarter net earnings declined to $1.468 billion or $0.73 per share, from $2.605 billion or $1.17 per share in the same quarter last year.
Non-GAAP net earnings decreased to $1.832 billion or $0.92 per share, from $3.030 billion or $1.36 per share last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.87 per share for the quarter. Analysts' estimates typically exclude special items.
Net revenues for the quarter declined to $30.04 billion from $32.30 billion in the prior year quarter. Twenty eight analysts had consensus revenue estimate of $30.71 billion for the quarter.
For the second quarter of fiscal 2012, the company estimates non-GAAP earnings per share to be in the range of $0.88 to $0.91 and GAAP earnings per share to be in the range of $0.68 to $0.71. Analysts expect the company to report earnings of $0.95 per share for the second-quarter.
The company still expects full year fiscal 2012 non-GAAP earnings per share of at least $4.00 and GAAP earnings per share of approximately $3.20. Analysts expect the company to report earnings of $4.08 per share for fiscal 2012.
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by RTT Staff Writer
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